Indicators: Composite Index

New comment
 

Composite Index:

Constance Brown's description of Composite Index:

The Composite Index was developed to solve the divergence failure problem in the RSI, but its ability to provide specific horizontal levels of support within the indicator adds to its value. The Composite Index takes the normalized formula of RSI and removes the normalization range restrictions. The formula for the Composite Index uses an embedded momentum calculation with a short-term RSI smoothed.

This is the MetaTrader 5 version of that indicator made exactly as the original Composite Index is described and made.

Author: Mladen Rakic

 

Hello there, Mladen! I've playing around with the Composite Index Indicator in the Brazilian Index market and it is giving quite a lot of good signs. I'm struggling to understand the use of the red orange line, however. As I understand, entry signals are provided by the gray-lime green crosses. What is the red orange line signaling?


Thanks in advance.

 

hi. mt4 version available?

New comment
Reason: